Greece taps IMF reserves to pay IMF debt - sources
Source: Reuters
Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.
With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month.
Greece, like all other International Monetary Fund members, holds reserves from the IMF that are denominated in Special Drawing Rights (SDR), a basket of international currencies. The reserves must be kept at a certain level or the country must pay interest if its holdings fall below its "allocation" of SDRs from the IMF.
A government official told Reuters that Athens used about 650 million euros from the SDR holdings account and 100 million euros from its cash reserves to make the payment on Monday.
Read more: http://www.reuters.com/article/2015/05/12/us-eurozone-greece-idUSKBN0NW10I20150512
This was the money they were holding to pay public employees and pensions at the end of the month.
Now, it'll be interesting to see how they make those payments or beg for a load to cover those payments
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Greece should tell the IMF to go screw itself.
Imagine if your bank told you that you had to keep a massive amount of cash in an account to avoid interest payments and then told you that you STILL owe them the same amount of money in a separate deal. Use the fund from one to pay the other and wave goodbye.
Only in the case of a government they have the power to re-raise the money by taxing the rich or charge a licensing fee to all of those banks who do business inside their borders.
Here's one: A tax on stock trades.
I want to see the global freak out. 
